Can Blockchain technology Replace SSL encryption?
Is blockchain technology a better option than SSL cert? This question has been the talk of the town since cryptocurrency has gained its stronghold amongst currencies.
Where search engine giants like Google and the Payment Card Industry are blatantly promoting SSL in website protection, several reports have shown how blockchain technology is winning hearts all around.
Before we talk about the steps of the blockchain process, we need to understand the difference between the two technologies.
A final comparison can only be drawn after assessing the benefits of both SSL certificates and blockchain.
So, let us understand them:
What is Blockchain technology?
Blockchain is a type of data protection and storage technology that stores data such as transactions, information or assets in separate blocks and chains them together.
It can also be termed a digital ledger to keep your transaction records safe through a peer-to-peer network.
Blockchain technology is highly effective if you want to secure transactions and maintain data integrity.
The best part about this technology is that it does not facilitate passwords. You can only alter and access the block if you have the respective key and proper consensus.
Process of Blockchain Technology
The process of both the SSL certificate and Blockchain technology is quite similar to start with. So, let us delve into that:
- A transaction is requested at the user’s end and authenticated through digital signatures.
- A block is created.
- Various computers(nodes) work to determine whether or not the request is valid and authentic.
- The computers or nodes are rewarded after their work is verified.
- After verification, each transaction is added to the block and hashes to ensure data privacy. Every block has a unique identity of its own.
- After that, the block is chained with another block.
What is an SSL certificate?
SSL or Secure Socket Layer certificate is a security protocol that encrypts a website’s connection and establishes a secure network for communication.
Unlike Blockchain technology, SSL uses PKI or Public Key Infrastructure to secure connections.
Google’s and PCI’s recognition are two things that make SSL a key factor in website security.
You can neither rank on the top of Google’s SERP nor can you accept payments online, making SSL a mandatory requirement.
But SSL is issued by a centralized authority known as Certificate Authority. No SSL can be considered safe unless CA says so.
Process of SSL encryption
In SSL, the encryption process is done through an SSL handshake. Let’s look at the process:
- A web browser attempts to connect to a web server and asks it to identify itself.
- In response, the webserver shares its SSL copy with the web browser.
- The browser verifies it and sends an acceptance message to the webserver.
- The server then sends a digitally signed acknowledgment, and the encryption session starts.
- The data between the web browser and the webserver is shared in an encrypted format.
The session remains valid until the user bounces back from the website. This process will be repeated every time a user tries to connect to a website.
Difference Between SSL technology and Blockchain Technology
Though there is no stark difference between the SSL technology and blockchain since these technologies are used to authenticate digital transactions.
However, an SSL does not protect the transaction as blockchain does. SSL is an encryption technology that can contain outside intervention but not directly protect the information.
Here are some more differences we need to look at:
- Blockchain technology functions on KSI or Keyless Security Infrastructure, stored in secure blocks. SSL functions on PKI or Public Key Infrastructure, unregulated and can give in to DDoS attacks.
- Though blockchain technology does not encounter breaches, if it does, you can easily identify it because of the different nodes attached.
- Hackers cannot tamper with the information in blockchain infrastructure because it only has one authority that controls everything, whereas SSL has multiple Certificate Authorities that control it.
- SSL is a renowned technology in the ecommerce domain. Without SSL’s presence, an ecommerce website cannot accept payments online, whereas blockchain is a fairly new concept that is still cementing its roots in the market.
- Google backs SSL. No website can rank on Google’s SERP without an SSL, whereas blockchain is not recognized by Google as a credible security tool yet.
- Only financial bodies use Blockchain technology, but SSL is meant for all websites. Both sole proprietors and ecommerce websites can use SSL to authenticate their website’s connection.
Can Blockchain technology replace SSL?
Both SSL and Blockchain technology is important for modern-day requirements. Both of them have their own set of flaws and benefits.
Since SSL is a widely renowned technology, it is tough to replace it with blockchain completely.
SSL’s value for PCI and Google makes it a better choice for websites that want to grow in the current scenario.
Unless there is some financial body to protect, blockchain won’t be as feasible in today’s world.
In the coming years, things may unfold differently as website security has been a growing concern, and SSL has been found guilty of many vulnerabilities. Still, it is not a wise choice to bank your trust upon something as new as blockchain.
Though blockchain provides better infrastructure for cryptocurrencies, it does not hold the same for every website.
Cryptocurrency is taking over the online market. More people are now investing in cryptocurrencies than ever before.
With more engagement comes the responsibility of data protection. An unsecured crypto setup can be dangerous as hackers are aware that there are billions of dollars lying on the table for them if they manage to crack the system.
But, before we undermine the importance of an SSL, we must remember how it has been serving all types of websites.
SSL protects a small business in the same way it protects a large enterprise.
So, with all said, we can conclude that we cannot completely eradicate SSL certificates even though technologies like blockchain are picking up pace.